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|Board Members:||||Board|Sub-Committees:|Sub-Committees:|||
|---|---|---|---|---|---|---|---|---|
|||Finance|d'c|Teaching|dc|Pastoral k|hfarketing|&|
|||Operations||Learning*||fYellbeing*|Adntissions||
|Mr R.D.Marsh|(Res. 31Aug 2023)||||||||
|Mr N. Adams|||||||||
|Dr T.R.Hands|(Res. 31 Aug 2023)||||||||
|Mrs L,J.Moelwyn-Hughes|||||||||
|SirM.J.Harford""|||||||||
|Mr S.Miners|||||||||
|Mrs A.Jack|||||||||
|Mr H.Bond-Gunning|||||||||
|Mrs T.Reeve|||||||||
|Mr P.V. Allen~~~|(App. 7Feb 2023)||||||||
|Mr R.W. Harris|(App. 7Feb 2023)||||||||
|Mrs C.F.Hamilton-Russell|(App. 18 Apr 2023)||||||||
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|Kathryn
Burton|||
|---|---|---|
|Senior Statutory
Auditor||10Queen Street Place|
|for and on behalf ofHaysmacintyre|LLP|London|
|Statutory
Auditors||EC4R 1AG|
|Date. 5th December 2023|||
##
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##
|||General||||
|---|---|---|---|---|---|
|||Unrestricted|Other|Total|Total|
|||Fund|Funds|Funds|Funds|
|INCOME AND EXPENDITURE||2023|2023|2023|2022|
||Notes||f.|||
|INCOME FROM:||||||
|Income from charitable||||||
|activities||||||
|Tuition fees||8,362,504||8,362,504|7,680,673|
|Disbursements
and extras||214,061||214,061|175,191|
|Other ancillary
income||43,067||43,067|44,769|
|Investments||||||
|Interest receivable||16,091||16,091|1,562|
|Voluntary
sources||||||
|Donations
and appeal income||96,322||96,322|1,133|
|Other income||||||
|Government
grants||||||
|Other income||29,871||29,871|8,406|
|Trading income||||||
|||8,761,916||8,761,916|7,911,734|
|EXPENDITURE ON:||||||
|Raising funds||||||
|Finance costs||1,051||1,051|10,421|
|Prepaid fee discount||3,105||3,105|4,530|
|Trading expenditure||||||
|Charitable
activities||||||
|School operating costs||||||
|Teaching costs||4,501,339||4,501,339|4,125,362|
|Welfare||826,818||826,818|855,296|
|Premises||1,446,350||1,446,350|1,311,079|
|Support costs ofschooling||1,129,899||1,129,899|1,060,776|
|Grants|||||715|
|||7,908,562||7,908,562|7,368,179|
|Net income before transfers||853,354||853,354|543,555|
|Transfers
between
funds||||||
|Profit on disposal offixed assets||146,500||146,500||
|Net income after transfers||999,854||999,854|543,555|
|Balance brought
forward||10,653,196|48,108|10,701,304|10,157,749|
|Balance carried forward||11,653,050|48,108|11,701,158|10,701,304|
##
##
||||||Group|Group||School|
|---|---|---|---|---|---|---|---|---|
||||||2023|2022|2023|2022|
|||||Notes|||f.||
|FIXEDASSETS|||||||||
|Tangible
fixed assets||||10|11,197,970|10,963,572|11,197,970|10,963,572|
|Investments||||3|-|-|1|1|
|CURRENT ASSETS|||||||||
|Debtors|||||||||
|Fees and extras in arrears|||||||||
|Other debtors, stocks and prepayments|||||150,677|194,600|150,677|194,600|
|Cash and cash equivalents|||||2,635,327|1,685,602|2,635,327|1,685,602|
||||||2,786,004|1,880,202|2,786,004|1,880,202|
|CREDITORS
—due within||one year|||||||
|Fees received
in advance||||12|(1,030,165)|(763,888)|(1,030,165)|(763,888)|
|Prepaid fees||||11|(113,998)|(128,447)|(113,998)|(128,447)|
|Other creditors||||12|(665,372)|(626,567)|(665,373)|(626,568)|
|Bank loan||||13||(125,927)||(125,927)|
||||||(1,809,535)|(1,644,829)|(1,809,536)|(1,644,830)|
|NET CURRENT|||||976,469|235,373|976,468|235,372|
|ASSETS/LIABILITIES|||||||||
|CREDITORS - Due after one year||||13|(473,281)|(497,641)|(473,281)|(497,641)|
|TOTAL ASSETS LESSLIABILITIES|||||11,701,158|10,701,304|11,701,158|10,701,304|
|UNRESTRICTED FUNDS|||||||||
|Designated fitttd|||||||||
|General
Fund||||14|11,653,050|10,653,196|11,653,050|10,653,196|
|Learning
Support
Fund||||15|48,108|48,108|48,108|48,108|
||||||11,701,158|10,701,304|11,701,158|10,701,304|
|The financial
statements|were approved||and|authorised|for issue by the Board ofGovernors
on 30'"|||November
2023 and|
|were signed below on its|behalf by:||||||||
##
##
##
|||||2023f|2022
f.|
|---|---|---|---|---|---|
|Cash flow from operating|activities|||||
|Net income for the year||||999,854|543,555|
|Depreciation||||458,306|336,359|
|Interest receivable||||(16,091)|(1,562)|
|Interest paid||||1,051|10,421|
|(Increase)/decrease
in debtors||||43,923|14,188|
|Increase/(decrease)
in creditors||||345,825|303,504|
|Profit on disposal offixed|assets|||(146,500)|(3,550)|
|Fixed asset adjustment|||||89,783|
|Net cash generated
from operating||activities||1,686,368|1,292,698|
|Cash flow from investing|activities|||||
|Interest received||||16,091|1,562|
|Purchase offixed assets||||(1,006,434)|(341,542)|
|Proceeds from disposal offixed assets||||460,230|3,550|
|Net cash used in investing|activities|||(530,113)|(336,430)|
|Cash flows from financing|activities|||||
|Bank loan repayments||||(125,927)|(324,073)|
|Increase/(decrease)
in prepaid fees||(net)||(79,552)|(175,037)|
|Interest paid||||(1,051)|(10,421)|
|Net cash used in financing|activities|||(206,530)|(509,531)|
|Increase/(decrease)
in cash and cash equivalents||||949,725|446,737|
|Cash and cash equivalents|as at 1"September 2022|||1,685,602|1,238,865|
|Cash and cash equivalents|as at 31"August 2023|||2,635,327|1,685,602|
|Reconciliation ofnet debt||||||
||||Balance||Balance|
||||I"September|Cashflows|31"August|
||||2022||2023|
|Cash at bank and in hand|||1,685,602|949,725|2,635,327|
|Debt due within
1 year|||(125,927)|125,927||
|Debt due after
1 year||||||
|Total|||1,559,675|1,075,652|2,635,327|
##
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##
|ACCOUNTING
POLICIES (continued)|ACCOUNTING
POLICIES (continued)|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Financial Instruments|||||||||||||||||||
||The Trust only has financial
assets and financial
liabilities|||of a kind||that|qualify|||as basic||financial|||instruments.|||||
||Basic financial
instruments
are
initially
recognised||at transaction||value|||and|subsequently||||measured|||at|||their|
||settlement
value.|||||||||||||||||||
|g)|Operating
Leases|||||||||||||||||||
||Rental charges are charged on a straight-line
basis over||the term ofthe||lease.|||||||||||||||
||Debtors|||||||||||||||||||
||Trade and other debtors are recognised
at the settlement||amount
due after any discounts
offered.|||||||||||Prepayments|||||are|
||valued at the amount
prepaid
net ofany discounts
due.|||||||||||||||||||
||Cash at bank and in hand|||||||||||||||||||
||Cash is represented
by cash in hand and deposits
with|financial
institutions|||||repayable||||without
penalty||||on notice of|||||
||not more than 24 hours. Cash equivalents
are highly|liquid
investments||||that||mature||in no more|||than||three|months||||
||from the date of acquisition
and that are readily
convertible|||to known||amounts of||||cash with insignificant|||||||risk of|||
||change
in value.|||||||||||||||||||
||Creditors
and Provisions|||||||||||||||||||
||Creditors
and provisions
are recognised
where the School has a present|||||obligation|||resulting|||from||a past event|||||that|
||will probably
result
in the transfer of funds
to a third||party|and the||amount||due||to settle||the|obligation||||can be|||
||measured
or estimated
reliably.
Creditors
and provisions
are|||normally||recognised|||at||their settlement||||amount|||aAer||
||allowing for any discounts
due.|||||||||||||||||||
|k)|Fund accounting|||||||||||||||||||
||The funds ofthe School are accounted for as unrestricted||or restricted
income,|||||in accordance||||with||the|terms|of|||trust|
||imposed
by the donors or any appeal to which they may||have|responded.||||||||||||||||
||Unrestricted
income
belongs
to the School's corporate
reserves,
spendable|||||||at the|||discretion||of the Governors|||||||
||either to further
the School's Objects or to benefit the|School itself.
Where|||||the Governors
decide to||||||||set aside||||any|
||part ofthese funds to be used in future for some specific||purpose,
this is|||accounted|||for||by transfer|||to the appropriate||||||
||designated
fund.|||||||||||||||||||
||Designated
funds are a particular
form of unrestricted||funds|consisting||ofamounts,||||which have||||been|allocated or|||||
||designated
for specific
purposes
by the Governors.|The use of designated||||||funds|||remains|at||the|discretion||||of|
||Governors.|||||||||||||||||||
||Critical sources ofestimation
uncertainty
and accounting|||judgements||||||||||||||||
||The governors
consider there to be the following
key|sources||ofestimation|||uncertainty||||and|have||therefore||applied||||
||judgement.|||||||||||||||||||
||Useful lives offixed assets|||||||||||||||||||
||The useful
lives over which fixed assets are depreciated||are|estimated||by reference||||to historical||||experience|||ofthe|||
||time assets are retained
and utilised by the School.|||||||||||||||||||
|m)|Employee
benefits|||||||||||||||||||
||Employee benefits are accounted for in the period in which the employee's
services||||||||were provided.|||||||||||
|n)|Employee termination
payments|||||||||||||||||||
||Employee
termination
payments
are accounted
for in|the period
in which the employee
ceased|||||||||||employment||||||with|
||the School.|||||||||||||||||||
##
##
##
|1.|CHARITABLE ACTIVITIES|CHARITABLE ACTIVITIES||2023|2022|
|---|---|---|---|---|---|
||Fees receivable consist of:|||||
||Boarding and tuition fees|||8,882,653|8,243,086|
||Less scholarships,
bursaries|and remissions|given|(520,149)|(562,413)|
|||||8,362,504|7,680,673|
|2.|OTHER ANCILLARY INCOME|||2023|2022|
||Registration
fees|||11,600|9,624|
||Fixed asset disposals||||3,550|
||Other|||31,467|31,595|
|||||43,067|44,769|
|3.|SUBSIDIARY|||2023|2022|
||Turnover and other income|||||
||Administrative
expenditure|||||
||Net (loss)/profit|||||
||Bank Interest Received|||||
||Tax on profit|||||
||(Loss)/profit
for the financial|period||||
||Donation
to parent undertaking||||(4,106)|
||Retained
in subsidiary||||(4,106)|
||Net assets|||||
||||
|---|---|---|
|]NTEREST RECEIVABLE|2023f|2022|
|Bank interest|16,091|1,562|
|DONATIONS|2023|2022|
|Donations
received|96,322|1,133|
||96,322|1,133|
##
##
|6.|OTHER INCOME|OTHER INCOME|OTHER INCOME|||2023f|2022f|
|---|---|---|---|---|---|---|---|
||Government
grants|||||||
||Rent and lettings|||||29,871|8,436|
||Miscellaneous||||||(30)|
|||||||29,871|8,406|
|7a.|ANALYSIS OFEXPENDITURE|||||||
||||Staff Costs
f||Otherf|Depreciation|2023 Total
f,|
||Cost ofgenerating||funds|||||
||Finance costs||||1,051||1,051|
||Prepaid fee discount||||3,105||3,105|
||School operating||costs|||||
||Teaching||3,691,568||702,117|107,654|4,501,339|
||Welfare||505,482||287,757|33,579|826,818|
||Premises||561,421||617,350|267,579|1,446,350|
||Support||636,165||435,733|49494|1,121,392|
||Bad and doubtful|debts|||8,507||8,507|
||Grants|||||||
||Trading expenditure|||||||
||Total expenditure||5,394,636||2,055,620|458,306|7,908,562|
|7b.|COMPARATIVE|ANALYSIS OFEXPENDITURE||||||
||||Staff|Costs
f|Otherf|Depreciation|2022 Total
f|
||Cost ofgenerating||funds|||||
||Finance costs||||10,421||10,421|
||Prepaid fee discount||||4,530||4,530|
||School operating||costs|||||
||Teaching||3,549,127||522,352|53,883|4,125,362|
||Welfare||568,625||268,634|18,037|855,296|
||Premises||540,684||531,159|239,236|1,311,079|
||Support||600,050||404,796|25,203|1,030,049|
||Bad and doubtful|debts|||30,727||30,727|
||Grants||||715||715|
||Trading expenditure|||||||
||Total expenditure||5,258,486||1,773,334|336,359|7,368,179|
##
##
##
|STAFFCOSTS||||||2023|2022|
|---|---|---|---|---|---|---|---|
|Wages and salaries||||||4,377,390|4,253,458|
|Social security costs||||||385,646|381,443|
|Pension contributions||||||475,237|450,458|
|Other staff related costs||||||156,364|173,127|
|||||||5,394,636|5,258,486|
|Termination
payments ofanil were||incurred|during||the year (2022:537,630).|||
|||||||No.|No.|
|The average number ofemployees||in the year||was:||||
|Teaching||||||96|95|
|Others||||||64|65|
|||||||160|160|
|The number ofemployees|whose|emoluments||exceeded K60,000||||
|f60,000 - f70,000||||||||
|f70,000 - $80,000||||||||
|E80,000 - f90,000||||||||
|590,000 - $100,000||||||||
|$100,000 - f110,000||||||||
|$110,000 - %120,000||||||||
|f.130,000 - f140,000||||||||
##
##
##
##
|9.|EXPENDITURE||||2023|2022|
|---|---|---|---|---|---|---|
|||||||K|
||Expenditure
includes:||||||
||Operating
lease payments||||64,911|65,827|
||Auditor's
remuneration|-Audit|||19,746|19,200|
|||- Other|services||(10)|1,320|
||Depreciation||||458,306|331,634|
|10.|TANGIBLE FIXEDASSETS||||||
||The movements oftangible|fixed|assets are as follows:||||
||Group and School||Freehold land|Furniture,|||
||||and freehold|Fittings, equipment|||
||||buildings
f|and motor vehicles|Computers|Total|
||COSTORVALUATION||||||
||At 1"September 2022||14,027,894|1,675,034|681,880|16,384,808|
||Additions||108,441|739,244|158,749|1,006,434|
||Adjustment||||||
||Disposals||(375,826)|(6,595)||(382,421)|
||At31"August 2023||13,760,509|2,407,683|840,629|17,008,821|
||DEPRECIATION||||||
||At 1"September 2022||3,829,429|1,057,782|534,025|5,421,236|
||Charge for the year||201,013|179,466|77,827|458,306|
||Adjustment||||||
||On disposals||(63,745)|(4,946)||(68,691)|
||At31"August 2023||3,966,697|1,232,302|611,852|5,810,851|
||NET BOOKVALUE||||||
||At31"August 2023||9,793,812|1,175,381|228,777|11,197,970|
||At31"August 2022||10,198,465|617,252|147,855|10,963,572|
##
##
##
##
##
##
|||||||Group and|School|
|---|---|---|---|---|---|---|---|
|||||||2023|2022f|
|Balance|at 1"September||2022|||224,015|399,052|
|New contracts||||||48,895|74,986|
|Amount|accrued to contracts|||||3,105|4,530|
|Refunded|to parents|||||||
|||||||276,015|478,568|
|Amounts|utilised|in payment offees||||(131,552)|(254,553)|
|Balance|at31"August 2023|||||144,463|224,015|
|Assuming
pupils||remain|with the School, prepaid fees will be applied as follows:|||||
|||||||2023f|2022f|
|Within one year||||||113,998|128,447|
|Between|two and|five years||||30,465|95,568|
|ARer five years||||||||
|||||||144,463|224,015|
|CREDITORS.' -||Due within one year||Group||School||
|||||2023
f|2022|2023
f|2022
f|
|Fees received in advance||||1,030,165|763,888|1,030,165|763,888|
||||||f||f|
|Trade creditors||||257,173|172,507|257,173|172,507|
|Other tax|and social security|||101,323|99,906|101,323|99,906|
|Other creditors||||161,230|173,677|161,230|173,677|
|Accruals||||145,646|180,477|145,646|180,477|
|Amounts|owed to|group undertakings||||1|1|
|||||665,372|626,567|665,373|626,568|
##
##
##
|13a|CREDITORS: - Due after one year|Group|||School||
|---|---|---|---|---|---|---|
|||2023|2022|2023||2022|
|||f|||||
||Prepaid fees|30,465|95,568|30,465||95,568|
||Fee deposits|442,816|402,073|442,816||402,073|
||Bank loans||||||
|||473,281|497,641|473,281||497,641|
|13b|BANK LOAN|||Group|and School||
|||||2023||2022|
||Due:||||||
||- between one and two years||||||
||- between two and five years||||||
||Creditors
due within one year|||||125,927|
|||||||125,927|
##
##
##
##
##
|||||Net current|||
|---|---|---|---|---|---|---|
|||||assets/|Creditors: due||
||||Fixed assets|(liabilities)|after one year|2023 Total|
|General|Fund||11,197,970|928,361|(473,281)|11,653,050|
|Learning|Support|Fund||48,108||48,108|
||||11,197,970|976,469|(473,281)|11,701,158|
##
|||||Net current|||
|---|---|---|---|---|---|---|
|||||assets/|Creditors: due||
||||Fixed assets|(liabilities)|after one year
f|2022 Total|
|General|Fund||10,963,572|187,265|(497,641)|10,653,196|
|Learning|Support|Fund||48,108||48,108|
||||10,963,572|235,373|(497,641)|10,701,304|
##
|The|School has the following
total operating
lease com|mitments
due as follows:|mitments
due as follows:|
|---|---|---|---|
|||Group and School||
|||2023|2022|
|Less|than one year|83,986|65,827|
|Two|to five years|133,032|139,312|
|Over|five years|||
|||217,018|205,139|
##
##
##
##
##